News Details

Announces Release of Version 3 Sequencing Kit

Announces Two Additional Kit Launches Expected by End of 2024

BRANFORD, Conn.--(BUSINESS WIRE)--Aug. 7, 2024-- Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or the “Company”), The Protein Sequencing Company™, today announced financial results for the second quarter ended June 30, 2024.

“I’m pleased with the progress that we made on the commercial ramp up of Platinum during the second quarter. We are seeing strong customer interest in the unique capabilities of Platinum, which was underscored by presentations at major scientific conferences over the last few months, including the American Society of Mass Spectrometry and the European Society for Human Genetics,” said Jeff Hawkins, President and Chief Executive Officer of Quantum-Si. “We are in the early stages of penetrating a large market opportunity in proteomics, as researchers seek a deeper understanding of the importance of protein sequences and identify high value applications of the technology.”

Hawkins continued, “Today, we also announce the launch of our version 3 sequencing kit. This new kit will continue to give customers deeper insights into an ever-expanding number of proteins, more peptides per protein and more amino acids per peptide. We remain laser-focused on delivering a compelling technology roadmap of enhancements to our hardware, software and chemistries and now expect to release a version 2 of our library prep kit as well as a barcoding application specific library prep kit by the end of 2024. We believe these innovations will continue to extend our leadership in protein sequencing. Finally, we added Chuck Kummeth as independent Chairman of our Board of Directors. We look forward to benefitting from the experience Chuck has gained through decades of leadership with leading life sciences tools companies like Bio-Techne and Thermo Fisher Scientific.”

Second Quarter 2024 Financial Results

For the second quarter of 2024, the Company recorded revenue of $622,000. Gross profit was $354,000 and gross margin was 57%. For the six months ended June 30, 2024, the Company recorded revenue of $1.1 million, gross profit of $623,000, and gross margin of 57%. The periodic gross margin rate is expected to be variable in the near term as the Company works through the initial stages of commercialization as well as the timing and mix of product sales between instruments and consumable kits.

Total operating expenses were $26.8 million in the second quarter of 2024, compared to $27.0 million for the same period in the prior year, and $50.4 million for the six months ended June 30, 2024, compared to $56.3 million for the same period in the prior year. Adjusted total operating expenses were $24.4 million in the second quarter of June 30, 2024, compared to $24.0 million for the same period in the prior year, and adjusted total operating expenses for the six months ended June 30, 2024 was $46.3 million compared to $48.7 million for the same period in the prior year. Driven by the Company’s 2023 initiative to enact operating changes to utilize capital in the most efficient manner while accelerating R&D innovation and delivering product enhancements to customers, the overall adjusted operating expenses included reductions in R&D and G&A spend, partially offset with increased spending for commercial operations. Overall, the Company has been able to reduce core areas of spend while accelerating R&D focus, efficiency, and delivery while still funding the Company’s full commercial launch of its Platinum^® instrument.

Net loss was $23.1 million in the second quarter of 2024, compared to a net loss of $25.6 million in the same period of the prior year, and a net loss of $42.6 million for the six months ended June 30, 2024, compared to a net loss of $49.2 million for the same period in the prior year. Adjusted EBITDA was negative $22.6 million in the second quarter of 2024, compared to negative $22.9 million in the same period of the prior year, and negative $43.2 million for the six months ended June 30, 2024, compared to negative $46.6 million for the same period in the prior year. A reconciliation of the non-GAAP financial measures adjusted total operating expenses and adjusted EBITDA is provided in a table included in this press release.

As of June 30, 2024, the Company’s cash and cash equivalents and investments in marketable securities were $218.1 million.

2024 Financial Guidance

The Company reaffirms its full year 2024 financial guidance as follows:

The Company also maintains the expectation that the balance in cash and cash equivalents and investments in marketable securities of $218.1 million as of June 30, 2024 will provide a runway into 2026.

Webcast and Conference Call Information

Quantum-Si will host a conference call to discuss its second quarter 2024 financial results on Wednesday, August 7, 2024, at 4:30 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by joining the live webcast in the Investors section of the Quantum-Si website under Events & Presentations. Alternatively, individuals can register here to receive a dial-in number and personalized PIN to participate in the call. An archived webcast of the event will be available for replay following the event.

About Quantum-Si Incorporated

Quantum-Si, The Protein Sequencing Company™, is focused on revolutionizing the growing field of proteomics. The Company’s suite of technologies is powered by a first-of-its-kind semiconductor chip designed to enable next-generation single-molecule protein sequencing and digitize proteomic research in order to advance drug discovery and diagnostics beyond what has been possible with DNA sequencing. Learn more at quantum-si.com or follow us on LinkedIn or X.

Use of Non-GAAP Financial Measures

This press release presents the non-GAAP financial measures “adjusted total operating expenses” and “adjusted EBITDA.” The most directly comparable measures for these non-GAAP financial measures are total operating expenses and net loss. The Company has included below adjusted total operating expenses, which presents the Company’s total operating expenses after excluding goodwill impairment, stock-based compensation and restructuring costs. In addition, adjusted EBITDA further excludes interest, taxes, depreciation, amortization, dividend income, unrealized and realized gains and losses on marketable securities, changes in fair value of warrant liabilities and other income or expense.

A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition and results of operations is included as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on August 7, 2024.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The actual results of the Company may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and development and commercialization of products and services, its anticipated cash runway and its financial guidance for the full year 2024. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the inability to maintain the listing of the Company’s Class A common stock on The Nasdaq Stock Market; the ability of the Company to grow and manage growth profitably and retain its key employees; the Company’s ongoing leadership transitions; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the success, cost and timing of the Company’s product development and commercialization activities; the commercialization and adoption of the Company’s existing products and the success of any product the Company may offer in the future; the potential attributes and benefits of the Company’s commercialized Platinum® protein sequencing instrument and kits and the Company’s other products once commercialized; the Company’s ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the Company’s ability to identify, in-license or acquire additional technology; the Company’s ability to maintain its existing lease, license, manufacture and supply agreements; the Company’s ability to compete with other companies currently marketing or engaged in the development or commercialization of products and services that serve customers engaged in proteomic analysis, many of which have greater financial and marketing resources than the Company; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets once commercialized, either alone or in partnership with others; the Company’s estimates regarding future expenses, future revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and in the Company’s other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

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Investor Contact:
Doug Farrell
VP, Investor Relations
ir@quantum-si.com

Media Contact:
Katherine Atkinson
SVP, Commercial Marketing
media@quantum-si.com

Source: Quantum-Si Incorporated